Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITES    
Net loss $ (9,353,706) $ (16,128,012)
Depreciation 74,079 102,085
Amortization of debt discount 481,916 209,056
Amortization of intangible assets 13,152 742
Change in fair value of derivative liability 136,323  
Disposal of license 33,334  
Non-cash lease expense 206,161 38,867
Impairment of operating lease   259,926
Impairment of deferred offering and financing costs   270,632
Stock-based compensation 3,047,970 912,876
Accounts receivable (523,573) (44,726)
Inventory (120,799) (75,417)
Other current assets (205,992) (185,494)
Accounts payable 701,825 1,642,113
Operating lease liability (357,860) (279,009)
Deferred revenue (69,632) (11,424)
Accrued expenses and other current liabilities 1,061,665 1,954,301
Net cash flows used in operating activities (4,875,137) (11,333,484)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (27,915) (63,208)
Purchase of equipment (8,598) (72,030)
Proceeds from sub-lease deposit 19,332  
Security deposit 3,575 (6,625)
Purchase of licenses   (200,000)
Net cash flows used in investing activities (13,606) (341,863)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of preferred stock, net of costs 4,217,969  
Proceeds from paycheck protection program loan 666,091  
Proceeds from secured promissory note   10,000,000
Proceeds from sale of common stock, net of costs   5,268,332
Payment of deferred offering costs   (67,350)
Net cash flows provided by financing activities 4,884,060 15,200,982
Increase decrease in cash, cash equivalents and restricted cash (4,683) 3,525,635
Effect of foreign currency translation of cash   (5,180)
Cash and cash equivalent, beginning of period 2,153,028 1,129,863
Cash, cash equivalents and restricted cash, end of period 2,148,345 4,650,318
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 11,939 921,605
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Forgiveness of accrued officers salary 150,002  
Debt exchanged for preferred stock 265,779  
Accrued interest converted to debt 1,254,236 230,565
Shares issue for extension of debt $ 390,000  
Debt exchanged for common stock   $ 14,496,871